以下文章来源于懒人养基 ，作者懒人养基 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创 业获取主动收入，从17年开始，逐步将经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢 向赚取被动收入过渡。价值投资践行者 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 懒人养基 来源：雪球 顾名思义 ， 偏债基金的收益来源主要是债 ， 投资股票的收益算是 " 锦上添花 " 部分 ， 所以我们可以看 到 ， 在2022-2024年偏股基金出现大幅下跌时 ， 偏债基金虽然业绩也并不出彩 ， 但持有体验会好得多 。 根据我的观察 ， 偏债基金虽然也是主动管理型基金 ， 对经验丰富的老将而言 ， 其业绩稳定性要比偏股基 金好得多 ， 出现大起大落的概率并不大 ， 因此对偏债基金而言 ， 基金经理的任职年限是一个相对较为可 信的选基指标之一 ， 读者朋友可以在以下的表格数据中重点关注下 。 当然 ， 也会有少量偏债基金追求业绩弹性 。 我认为选择偏债基金本来就是求稳的 ， 对于业绩大起大落的 偏债 ...

Core Viewpoint - The article emphasizes that dividend yields from funds are currently more stable and attractive compared to bank deposit interest rates, which are below 1% [1] Summary by Sections Dividend Fund Trends - Between 2006 and 2016, Japan saw a continuous increase in the asset scale of fixed dividend fund products [1] - Higher dividend frequency correlates with larger fund sizes, with monthly and quarterly dividends being particularly significant for cash flow needs of both young homeowners and retirees [5] Quarterly Dividend Fund List - A list of 21 quarterly dividend funds was compiled from 33 dividend indices as of May 2025 [6] - The article provides a detailed table of these funds, including their codes, names, management fees, and total dividend yields for 2025 [8][24] Dividend Yields of Specific Funds - As of May 2025, several funds reported their cumulative dividend yields: - China Merchants CSI Dividend ETF: 1.01% - E Fund CSI Dividend Low Volatility ETF: 0.79% - Bosera CSI Dividend Low Volatility 100 ETF: 1.17% - E Fund Hang Seng Stock Connect High Dividend Low Volatility ETF: 1.98% - Fortune Central Enterprises Dividend ETF: 0.62% [11][12][13][14][15] - For off-exchange funds, notable yields include: - Harvest CSI 300 Dividend Low Volatility ETF: 5.32% - Harvest CSI 300 Dividend Low Volatility ETF Class C: 5.04% - Invesco Great Wall Hong Kong-Shanghai Stock Connect Dividend Growth Index A: 4.12% - Invesco Great Wall Hong Kong-Shanghai Stock Connect Dividend Growth Index C: 4.01% [16][17][18] Fee Structure and Selection Criteria - The article suggests prioritizing funds with low management and custody fees (around 0.2%) alongside high dividend yields [21][23] - The combination of high dividends and low fees is presented as a strategy to ensure cash dividends while minimizing investment costs [23]

Market Overview - The Asia-Pacific markets collectively declined, with the Nikkei 225 and the Korea Composite Index dropping nearly 1%, and the Hang Seng Index falling by 1.5% during intraday trading [1] - The A-share market also saw all three major indices decline, with several high-priced stocks like Wangzi New Materials and Yong'an Pharmaceutical hitting the daily limit down [2] High-priced Stocks Plummet - High-priced stocks experienced significant drops, with Wangzi New Materials hitting the daily limit down at a price of 19.67 CNY per share, reflecting a decline of 9.98% [4][5] - Yong'an Pharmaceutical also faced a daily limit down, citing a significant deviation from its fundamentals and warning of high speculation risks [7] - Other high-priced stocks such as Shangwa Co., Guofang Group, and others also reported substantial declines [13] Innovation Drug Sector Strengthens - The pharmaceutical sector, particularly innovative drugs, saw a strong performance, with companies like Ruizhi Pharmaceutical and Nuo Si Lan De rising over 15% [15] - The National Medical Products Administration recently approved 11 new drug listings, covering various therapeutic areas, which has contributed to the positive sentiment in the sector [19] - Analysts believe that the pharmaceutical sector is supported by four key factors: ongoing demand for healthcare, increasing global competitiveness of domestic innovative drugs, signs of profit reversal, and low valuations in the innovative drug sector [20][21] Livestock Sector Leads Gains - The livestock sector led the market gains, with pig and chicken farming concepts showing the highest increases, including stocks like Juxing Agriculture and Xiangjia Co. hitting the daily limit up [23] - Recent legislative efforts in Shanghai and Sichuan aim to support the development of the livestock industry, which may further bolster the sector [26]

Group 1 - The core idea of the article emphasizes that asset allocation is the "free lunch" of investing, as it significantly contributes to long-term investment returns while minimizing risks and volatility [2][11] - The article highlights that 90% of investment returns come from successful asset allocation, while timing and stock selection contribute less than 10% [2] - Common pitfalls for investors include chasing high-performing funds, being unable to withstand volatility, and over-concentration in a single asset class [2] Group 2 - The "Three Moats" of asset allocation are based on three dimensions: asset diversification, market diversification, and time diversification [3] - Asset diversification involves investing in low-correlation assets such as stocks, bonds, and commodities to optimize risk-return profiles [3] - Market diversification allows investors to bet on the future of different economies, such as China's manufacturing upgrades, the U.S.'s technological innovations, and emerging markets' demographic advantages [4][5] Group 3 - Time diversification through regular investment (e.g., dollar-cost averaging) helps investors avoid emotional decision-making and reduces trading errors [6] - The first step for ordinary investors is to clarify their goals and risk tolerance, which includes determining expected returns, maximum drawdown, and investment horizon [7] - The second step involves selecting underlying assets and funds, focusing on both beta returns from broad indices and alpha returns from quality active funds [8] Group 4 - The third step is dynamic rebalancing, which involves periodic adjustments to maintain target asset allocations and optimizing based on valuation and market sentiment [9] - The essence of asset allocation is to serve life goals, such as retirement savings and wealth growth, rather than being an end in itself [10] - The article concludes with a quote from Warren Buffett, emphasizing the importance of not putting all eggs in one basket and finding a robust framework for investment [10]

Core Viewpoint - The article discusses the impact of the recent interest rate cuts in China, particularly the first drop of the one-year deposit rate below 1%, marking the entry into a low-interest era. Despite this, bank stocks have surged, raising questions about their investment value in the current environment [3][5]. Summary by Sections Interest Rate Environment - The recent interest rate cuts have led to a significant decline in deposit rates, with the one-year deposit rate falling below 1%, indicating a shift to a low-interest environment [3]. - The bank AH index has a high dividend yield of 7.3%, attracting investor interest despite the low-interest rates [3][10]. Dividend Yield and Valuation - There is a common belief that dividend yields should be directly linked to risk-free rates. However, the article argues that this assumption is flawed, as evidenced by the disparity between dividend yields and the risk-free rates of government bonds [5][13]. - The article highlights that the bank AH index's dividend yield significantly exceeds the risk-free rate, suggesting that it is not overvalued even in a low-interest environment [5][10]. Bank AH Index Performance - The bank AH index has shown strong performance, with a cumulative increase of nearly three times over the past 12 years and an annualized return exceeding 12%. It also has the lowest maximum drawdown among related indices [7][9]. - The index employs a dynamic adjustment strategy, switching between A-shares and H-shares based on their performance, effectively implementing an arbitrage strategy [9][10]. Market Valuation Metrics - The article introduces a valuation metric called "市赚率" (Market Earnings Rate), which is calculated as the price-to-earnings ratio divided by the return on equity. This metric is used to assess the attractiveness of bank stocks [11][12]. - In a low-interest environment, the reasonable valuation range for the market earnings rate is suggested to be between 1.1PR and 1.4PR, indicating a higher tolerance for valuations [13][14]. Investment Strategy - The article recommends focusing on industry leaders for valuation, using examples like 招商银行 (China Merchants Bank) as a benchmark for the banking sector [15][16]. - The adjusted market earnings rate for 招商银行 is calculated to be 0.76PR, suggesting that it is within a comfortable investment range in the current low-interest environment [16][17].

Group 1 - The U.S. International Trade Court has suspended the Trump administration's comprehensive tariff policy, which was announced on April 2, 2023, citing that the President does not have the constitutional authority to impose such tariffs on nearly all trading partners [4][5]. - The court's ruling allows the administration a maximum of 10 days to halt the imposition of tariffs, following a lawsuit filed by a coalition of 12 states claiming the tariffs were an unlawful exercise of power [5][6]. Group 2 - EDA (Electronic Design Automation) concept stocks in the A-share market have surged, with companies like Guangliwei and Gai Lun Electronics hitting the 20% limit-up, indicating strong market interest in this sector [6][7]. - The global EDA market is dominated by U.S. companies, with Synopsys, Cadence, and Siemens EDA holding a combined market share of 74%, and these companies also control about 80% of the Chinese EDA market [10]. - The Trump administration's recent actions to restrict U.S. companies from selling semiconductor design software to Chinese firms are expected to impact the EDA market dynamics [10]. Group 3 - The pharmaceutical sector has seen a significant rally, with stocks like Shuyou Shen and WuXi AppTec experiencing substantial gains, driven by positive clinical trial results and upcoming major conferences [11][12]. - Shuyou Shen's STSA-1002 injection showed promising results in a clinical trial for ARDS, with mortality rates significantly lower than the control group, which has attracted investor attention [16]. - The ASCO (American Society of Clinical Oncology) annual meeting is set to showcase numerous original research projects from Chinese researchers, highlighting advancements in domestic drug development and increasing competitiveness in the global market [16][17].

以下文章来源于二鸟说 ，作者二鸟说 二鸟说 . 专注于基金投资，秉承长期投资，价值投资，稳健投资的原则，合理进行大类资产配置，科学的择基，适当择时， 实现资产长期稳健增值。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 二鸟说 来源：雪球 5月下旬 ， A股市场主要指数纷纷收复失地 ， " 对等关税 " 的市场冲击告一段落 。 坚定地在市场中守候 ， 什么都不用做 ， 基本也不会产生损失 。 但每一次周期或长或短的深V行情 ， 都伴随着投资者的认知交 换 。 没有坚定的信念 ， 我们就可能在最该坚持的时候 ， 没能坚持下去 ； 就可能在深V行情中沦为输家 。 一年前的5月下旬 ， 正是熊市加时赛即将进入到高潮阶段的前夕 。 今天我们能收获什么 ， 更大程度上取 决于我们一年之前心里想着什么 ， 坚定地做到了什么 。 每一次的熊市洗礼 ， 都可能成为投资者在精神上 的升华 ， 过去的经验值得总结 ， 它们也将像复利那样 ， 在未来绽放出令我们惊讶的价值 。 一 、 坚信3000点必能收回 熊市结束的第一阶段 ， 是投资账户整体大致不亏损 。 用冰火两重天来形容A股 ...

Core Viewpoint - The article discusses the introduction of a new floating management fee structure for mutual funds, which charges fees based on the holding duration and performance of each investor's shares, leading to a "personalized" fee model [3][6]. Group 1: Floating Management Fee Structure - The new fee structure allows fund companies to adjust management fees based on the performance of each investor's holdings relative to performance benchmarks, potentially increasing fees for profitable investments and decreasing them for losses [3]. - This model may limit fund managers' ability to time the market effectively, as the timing of investor purchases and redemptions is beyond their control [3][6]. Group 2: Timing Strategies of Fund Managers - Historically, active fund managers have relied on market timing to capture opportunities and mitigate risks, which has been a core value proposition for generating excess returns [8]. - Examples of successful fund managers who have effectively utilized timing strategies include Feng Hanjie and Qi Fupeng, who have demonstrated significant adjustments in stock positions during market fluctuations [10][11]. Group 3: Passive Timing Clauses in Fund Contracts - The article highlights a fund with a passive timing clause, which has achieved an annualized return exceeding 13% since inception, showcasing the effectiveness of a structured approach to timing based on market indices [15][17]. - The fund's strategy involves adjusting stock allocations based on the Shanghai Composite Index, with a clear negative correlation between stock positions and index movements, allowing for risk management during market volatility [18][20]. Group 4: Practical Applications for Individual Investors - The successful practices of the highlighted fund provide insights for individual investors, suggesting the use of a broader index, such as the CSI All Share Index, for better market representation [22]. - The article proposes a passive timing strategy for individual investors, emphasizing the importance of disciplined position management in a constrained market environment [27]. Group 5: Tools for Asset Allocation - The article introduces a new tool, the "Three-Point Dashboard," which aids in monitoring and managing multi-asset allocations, making it easier for investors to track key indicators across various asset classes [27][30]. - This tool is designed to simplify the complexities of asset allocation and provide actionable insights for investors who may lack a comprehensive methodology [28].

Core Viewpoint - The recent policy changes by the China Securities Regulatory Commission (CSRC) aim to simplify and decentralize the process of major asset restructuring for listed companies, which is expected to benefit small and micro-cap stocks significantly [1][2]. Group 1: Impact on Small and Micro-Cap Stocks - The new regulations are favorable for small and micro-cap stocks due to their low market capitalization and simple equity structure, making them ideal candidates for mergers and acquisitions [3]. - The inclusion of high-tech sectors such as semiconductors, AI, and new energy in small and micro-cap stocks aligns with the new rules that promote mergers in the technology industry, potentially leading to significant performance improvements post-acquisition [3][4]. Group 2: Quantitative Investment Strategies - Many quantitative private equity firms are focusing on small and micro-cap stocks, benefiting from a natural beta advantage and the ability to capture excess returns due to the high volatility and emotional trading behavior of retail investors in this segment [6][7]. - Performance data indicates that small and micro-cap indices have outperformed larger indices, with the average excess returns for the 1000 index and quantitative stock selection at 4.67% and 8.67% respectively, compared to 2.31% for the 300 index [7][9]. Group 3: Market Products and Strategies - The market offers a variety of small and micro-cap products, primarily index-tracking, which rely on the alpha capabilities of fund managers [10]. - A notable product, LZFL, distinguishes itself by having the fund manager independently execute all strategies and factor explanations, focusing on quantitative stock selection to uncover opportunities in small and micro-cap stocks [11]. - The fund has adapted its risk management strategies in response to market conditions, enhancing its approach to balance returns and drawdowns while maintaining its investment style [11].

Core Viewpoint - The A-share market experienced a collective adjustment, with major indices declining slightly, while specific sectors like controllable nuclear fusion and new consumption showed strong performance, indicating sector rotation and investor sentiment shifts [1][2][3]. Group 1: Controllable Nuclear Fusion Sector - The controllable nuclear fusion concept has seen a surge, with multiple stocks hitting the daily limit up, including融发核电, 利柏特, and 雪人股份 [4][5]. - U.S. President Trump's recent executive orders aim to initiate the construction of 10 large nuclear power plants by 2030 and quadruple nuclear power capacity by 2050, which is expected to boost global nuclear power development and increase demand for natural uranium [7]. - China's nuclear power sector is robust, with 58 operational units and a total installed capacity of 60.96 million kW, leading the world [8]. Group 2: New Consumption Sector - The new consumption sector continues to rise, with stocks like 会稽山 and 欢乐家 showing significant gains, highlighting a trend in consumer goods [9][10]. - 永安药业, a major producer of taurine, has seen its stock price increase by 114.54% in less than 11 trading days, driven by its strong market position and upcoming product launches [12][14]. Group 3: BYD's Recent Performance - BYD has faced a decline of 2.56% today, marking a total drop of over 10% since May 26, attributed to concerns over a dealer group's financial issues in Shandong [16][17]. - The dealer group, 济南乾城汽车贸易有限公司, cited cash flow management challenges due to policy adjustments and local market conditions, impacting its operations and customer service [17].